Prime Ground Rent Investment in a Popular Market Town
Extensive Town Centre Site of Approximately 0.80 Ha (1.95 Acres)
Lease term for 125 years expiring March 2139
Potential Asset Management Opportunities
Lot 39
Auction 15th December 2022
Rent £217,800 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Ground Rent
Auction Venue Live Streamed Auction
On behalf of a Major Pension Fund
Property Information
Location
Miles
40 miles east of Inverness, 65 miles north-west of Aberdeen
Roads
A96, A941
Rail
Elgin Railway Station
Air
Inverness Airport
Situation
Elgin is the principal town and administrative centre of Moray, benefiting from a large catchment area and a significant tourist draw due to the popular whisky distilleries located nearby. The ground rent area comprises the ground beneath the St Giles Shopping Centre (please see the Legal Pack for the title extent detail). The St Giles Shopping Centre is the main retail hub in Elgin town centre with its main entrance from the pedestrianised High Street. Occupiers in the centre include Superdrug, Waterstones and WH Smith together with The Works and Ramsdens.
Tenure
Heritable. Scottish Equivalent of English Freehold
Location
Miles
40 miles east of Inverness, 65 miles north-west of Aberdeen
Roads
A96, A941
Rail
Elgin Railway Station
Air
Inverness Airport
Situation
Elgin is the principal town and administrative centre of Moray, benefiting from a large catchment area and a significant tourist draw due to the popular whisky distilleries located nearby. The ground rent area comprises the ground beneath the St Giles Shopping Centre (please see the Legal Pack for the title extent detail). The St Giles Shopping Centre is the main retail hub in Elgin town centre with its main entrance from the pedestrianised High Street. Occupiers in the centre include Superdrug, Waterstones and WH Smith together with The Works and Ramsdens.
Tenure
Heritable. Scottish Equivalent of English Freehold
Description
The site comprises 0.80 Ha/ 1.95 acres and extends from close to the A96 to the north and the High Street to the south.
VAT
VAT is applicable to this lot.
EPC
G
Description
The site comprises 0.80 Ha/ 1.95 acres and extends from close to the A96 to the north and the High Street to the south.
VAT
VAT is applicable to this lot.
EPC
G
Tenancy & Accommodation
Site
Site Area
Tenant
Term
Rent p.a.x.
Review/ (Reversion)
St. Giles Shopping Centre
0.80 Ha/ 1.95 Acres
ST GILES SHOPPING CENTRE HOLDINGS LIMITED
125 years from 28 March 2014 to 27 March 2139
£217,800
28 March 2019 and 5 yearly thereafter (1)
TOTAL
£217,800
(1) Rent reviews are geared to the greater of the passing rent or 24.2% of the market rent. The rent review on 28 March 2019 was not actioned by the vendor and the next rent review is due on 28 March 2024.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
